Quarterly report pursuant to sections 13 or 15(d)

Investment Properties

v2.4.0.6
Investment Properties
9 Months Ended
Sep. 30, 2012
Investment Properties
3. Investment Properties

Investment properties consist of the following:

 

     September 30,
2012
    December 31,
2011
 
     (unaudited)        

Land

   $ 2,925,277      $ 2,925,277   

Buildings and improvements

     12,874,585        12,849,561   

In place leases

     13,370        14,704   
  

 

 

   

 

 

 

Investment properties at cost

     15,813,232        15,789,542   

Less accumulated depreciation and amortization

     (3,129,182     (2,618,324
  

 

 

   

 

 

 

Investment properties at cost, net

   $ 12,684,050      $ 13,171,218   
  

 

 

   

 

 

 

The Company’s depreciation and amortization expense was $184,933 and $185,100 for the three months ended September 30, 2012 and 2011, respectively. The Company’s depreciation and amortization expense was $556,452 and $555,299 for the nine months ended September 30, 2012 and 2011, respectively.

All of the Company’s land, buildings and improvements serve as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to each property’s transferability, use and other common rights typically associated with property ownership.

Subsidiaries [Member]
 
Investment Properties
3. Investment Properties

Investment properties consist of the following:

 

     September 30,     December 31,  
     2012     2011  
     (unaudited)        

Land

   $ 4,773,236      $ 4,773,236   

Buildings and improvements

     12,967,678        12,967,678   
  

 

 

   

 

 

 

Investment properties at cost

     17,740,914        17,740,914   

Less accumulated depreciation and amortization

     (5,575,407     (5,227,445
  

 

 

   

 

 

 

Investment properties at cost, net

   $ 12,165,507      $ 12,513,469   
  

 

 

   

 

 

 

 

The PSF Entities’ depreciation and amortization expense was $102,143 and $130,625 for the three months ended September 30, 2012 and 2011, respectively. The PSF Entities’ depreciation and amortization expense was $393,004 and $449,591 for the nine months ended September 30, 2012 and 2011, respectively.

All of the PSF Entities’ land, buildings and improvements serve as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to each property’s transferability, use and other common rights typically associated with property ownership.